N.Y. Fed pares U.S. first-quarter, second-quarter GDP growth forecast

NEW YORK (Reuters) - The New York Federal Reserve said on Friday it reduced its estimates on the U.S. economy's growth rates in the first and second quarter following the latest data on domestic retail sales, housing, construction and manufacturing.

The regional central bank scaled back its view on first-quarter gross domestic product to 2.83 percent from 3.19 percent a week earlier, while it downgraded its GDP forecast for the second quarter to 2.53 percent from last week's 3.00 percent.